Cabinet approves amendments in M-SIPS to boost electronic manufacturing

19 Jan 2017 Evaluate

The Union Cabinet has approved amendments in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in electronics manufacturing in the country and moving towards the goal of ‘Net Zero imports’ in electronics by 2020. Now, proposals under M-SIPS will be accepted till December 2018 and incentives of Rs 10,000 crore have been allowed. If investment is more than $1 billion, then a high-powered committee headed by the Cabinet secretary will approve it.

For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application. The time frame for the incentives has also been fixed as five years (down from ten years) which means that incentives will be available for investments made within five years from the date of approval. Approvals will normally be accorded to eligible applications within 120 days of submission of the complete application. A unit receiving incentives under the scheme has to provide an undertaking to remain in commercial production for a period of at least three years. So far, 243 applications have been received under the scheme, out of which 75 applications have been approved involving investment proposals of Rs 17,997 crore.

The Cabinet chaired by Prime Minister Narendra Modi approved the amendments in M-SIPS expediting investments into the Electronics System Design and Manufacturing (ESDM) sector in India. The amendments are also expected to create employment opportunities and reduce dependence on imports. The statement said that the projects already received under the scheme have the potential to generate employment to the extent of up-to one million persons (direct and indirect).

The appraisal committee recommending approval of project will be chaired by Secretary, Ministry of Electronics and IT. A separate committee headed by Cabinet Secretary and comprising of CEO, NITI Aayog, Secretary Expenditure and Secretary, MeitY will be set up in respect of mega projects, envisaging more than Rs 6,850 crore (approximately $1 billion) in investments.

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